TDS/TCS Return Filing Due Date 2019-20

Last year too, the govt had extended the last date for filing TDS returns for FY 2018-19 to June 30, 2019 and deadline to issue Form 16 to July 10, 2019. The government, on May 13, 2020, announced the extension of income tax return (ITR) filing deadline for FY 2019-20 to November 30, 2020 from July 31, 2020

Find TDS return due dates and TCS return due dates with the time period and last date for filing for AY 2020-21 (FY 2019-20). TDS stands for tax deduction at source while the TCS stands for tax collected at source. As per the Income-tax Act, if any person makes a payment to the receiver, then TDS is required to be deducted at a prescribed rate and then deposited with the government. While for the TCS, the person receiving the payment has to collect tax from the person making payment and deposit thereafter with the government.

New TDS/TCS Update Due to Covid19 by Finance Minstry

• “Government to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for non-salaried specified payments made to residents, and rates of Tax Collection at Source for specified receipts, by 25% of the existing rates”
• For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, the reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.
• As per the recent updates by the government on the TDS, TCS certificates, the department has extended the validity of both lower or nil TCS, TDS certificate till 30th June 2020 in the view of currently going coronavirus pandemic.

SAG Infotech as always works for helping taxpayers by providing needful materials that make return filing work easy. We cover TDS return filing last date and TCS return filing due dates in a proper format (quarterly basis) for FY 2019-20 (AY 2020-21). Also, the taxpayer gets the details of TDS/TCS payment deposit on a monthly basis for government and non-government employees.